Tsakos Energy Navigation (TNP) Stock Price Down 7.2% on Disappointing Earnings

Tsakos Energy Navigation Ltd. (NYSE:TNP) shares were down 7.2% on Friday following a dissappointing earnings announcement. The stock traded as low as $3.82 and last traded at $3.84. Approximately 973,100 shares changed hands during mid-day trading, an increase of 182% from the average daily volume of 345,081 shares. The stock had previously closed at $4.14.

The shipping company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.02). Tsakos Energy Navigation had a net margin of 5.64% and a return on equity of 2.02%. The company had revenue of $96.92 million during the quarter, compared to analyst estimates of $101.62 million.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Thursday, December 21st will be paid a $0.05 dividend. The ex-dividend date is Wednesday, December 20th. This represents a $0.20 annualized dividend and a yield of 4.69%. Tsakos Energy Navigation’s dividend payout ratio is presently 181.82%.

Several equities analysts have issued reports on TNP shares. Stifel Nicolaus set a $7.00 price objective on shares of Tsakos Energy Navigation and gave the company a “buy” rating in a research note on Sunday, October 29th. Maxim Group restated a “buy” rating and issued a $6.00 price objective on shares of Tsakos Energy Navigation in a research note on Monday, September 18th. BidaskClub upgraded shares of Tsakos Energy Navigation from a “strong sell” rating to a “sell” rating in a research note on Friday, August 25th. Jefferies Group restated a “buy” rating and issued a $6.00 price objective on shares of Tsakos Energy Navigation in a research note on Tuesday, September 12th. Finally, Morgan Stanley decreased their price objective on shares of Tsakos Energy Navigation from $6.00 to $5.50 and set an “overweight” rating for the company in a research note on Monday, September 18th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $5.50.

Large investors have recently made changes to their positions in the company. Ameriprise Financial Inc. raised its holdings in shares of Tsakos Energy Navigation by 7.7% in the second quarter. Ameriprise Financial Inc. now owns 29,339 shares of the shipping company’s stock valued at $141,000 after buying an additional 2,104 shares during the last quarter. KCG Holdings Inc. raised its holdings in shares of Tsakos Energy Navigation by 74.6% in the first quarter. KCG Holdings Inc. now owns 31,543 shares of the shipping company’s stock valued at $151,000 after buying an additional 13,473 shares during the last quarter. Creative Planning raised its holdings in shares of Tsakos Energy Navigation by 59.1% in the second quarter. Creative Planning now owns 42,160 shares of the shipping company’s stock valued at $202,000 after buying an additional 15,660 shares during the last quarter. WFG Advisors LP raised its holdings in shares of Tsakos Energy Navigation by 0.3% in the second quarter. WFG Advisors LP now owns 51,763 shares of the shipping company’s stock valued at $248,000 after buying an additional 156 shares during the last quarter. Finally, Virtu KCG Holdings LLC raised its holdings in shares of Tsakos Energy Navigation by 65.2% in the second quarter. Virtu KCG Holdings LLC now owns 52,120 shares of the shipping company’s stock valued at $250,000 after buying an additional 20,577 shares during the last quarter. 26.07% of the stock is owned by institutional investors and hedge funds.

The company has a current ratio of 1.03, a quick ratio of 0.99 and a debt-to-equity ratio of 1.02. The company has a market capitalization of $325.96, a price-to-earnings ratio of 34.91, a P/E/G ratio of 2.74 and a beta of 1.52.

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About Tsakos Energy Navigation

Tsakos Energy Navigation Ltd is a provider of international seaborne crude oil and petroleum product transportation services. The Company operates through maritime transportation of liquid energy related products segment. It operates a fleet of approximately 57 modern crude oil and petroleum product tankers that provide marine transportation services for national and other independent oil companies and refiners under long, medium and short-term charters.

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